SANTA ANA, CA -- TTM Technologies today reported fourth quarter net sales of $651 million, up 14% compared to $569 million in 2023.
For the period ended Dec. 30, the printed circuit fabricator recorded GAAP net income of $5.2 million, including a $14.1 million pretax, non-operational, foreign exchange gain. Non-GAAP net income was $62.8 million, including the same currency gain.
GAAP operating income for the quarter was $9 million, including $32.6 million in goodwill related to the RF&S Components segment, versus $34.6 million in 2023.
On a non-GAAP basis, net income was $62.8 million, versus $43 million a year ago. Non-GAAP net income for the fourth quarter included a $14.1 million pretax foreign exchange gain, compared to a $7 million pretax foreign exchange loss in the fourth quarter of 2023.
Cash flow from operations was $86.1 million. The book to bill ratio was 1.09 for the quarter.
At quarter's end the company's A&D program backlogs were a record $1.56 billion. Data center computing revenues were also a record 22% of total company revenues.
Adjusted EBITDA in the fourth quarter of 2024 was $108.7 million, or 16.7% of sales, compared to adjusted EBITDA of $80.9 million, or 14.2% of sales in 2023.
"We delivered a solid quarter with revenues and non-GAAP EPS above the high end of the guided range,” said Tom Edman, CEO, TTM. "Revenues reflected the fourth consecutive quarter of year-on-year growth due to demand strength in our Aerospace and Defense, Data Center Computing and Networking end markets, the latter two being driven by generative AI. Operating margins were double digit for the second consecutive quarter and reflected continued solid execution. In addition, cash flow from operations was a healthy 13.2% of revenues enabling the company to maintain a solid balance sheet with a net leverage ratio of 1.2x.”
Net sales for 2024 increased to $2.4 billion from $2.2 billion in 2023, a 9.4% increase.
GAAP operating income for 2024 was $116.0 million, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment. This compares to a GAAP operating income for 2023 of $42.3 million, inclusive of a $44.1 million goodwill impairment charge related to the RF&S Components segment.
GAAP net income for 2024 was $56.3 million, or $0.54 per diluted share, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment. This compares to a GAAP net loss for 2023 of $18.7 million, or ($0.18) per diluted share, inclusive of a $44.1 million goodwill impairment charge related to the RF&S Components segment.
On a non-GAAP basis, net income for 2024 was $178.4 million, or $1.71 per diluted share. This compares to 2023 non-GAAP net income of $139.5 million, or $1.33 per diluted share.
Adjusted EBITDA for 2024 was $352.5 million, or 14.4% of net sales, compared to $298.2 million, or 13.4% of net sales, for 2023.
"Our employees delivered outstanding results in 2024 for TTM. Revenue growth of 9.4% was driven by generative AI in the Data Center Computing market and continued strength in the Aerospace and Defense market. Revenue fall through, favorable product mix, and improved execution helped to grow margins and non-GAAP EPS year on year," continued Edman. "We continue to execute on our strategic priorities by growing Aerospace and Defense revenues 12% year on year, opening a new manufacturing facility in Penang, Malaysia, supporting customer supply chain resiliency needs and starting construction on a new ultra-HDI manufacturing facility in Syracuse, NY. Finally, in 2024, we generated $236.9 million in operating cash flow which enabled us to strengthen our balance sheet, refinance our Term Loan, and return $34.5 million of capital to our shareholders through our stock buyback program.”
For the first quarter TTM estimates revenues in the range of $600 million to $640 million.
